Ethereum rallied as high as $3,000 after finding strong support near the $2,300 zone. ETH price is rising and it could rise if it surpasses the $3,050 resistance area.
Ethereum Continues to Find Support
Ethereum started a massive increase above the $2,750 and $2,850 resistance levels. It formed a local top around $3,042 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the last wave. There is also a major bullish trend line forming with support near $2,960 on the hourly chart of ETH/USD
. ETH is facing resistance near the $3,020 level. The first major resistance is seen near the $3,040 and $3,050 levels. A clear move above the $3,050 level could open the doors for more gains. In the stated case, the price could likely rally towards the $3,120 level. The next major resistance is currently near the $3,200 level. Any further gains could send the price towards the $3,320 level.
Are Drops Limited on Ethereum?
Jindal says if Ethereum fails to continue above the $3,050 resistance, it could start a downside correction. An initial support on the downside is near the $2,960 level and the trend line. A downside break below the $2,960 support could push the price towards the $2,850 support level. The next major support is near the $2,800 level and the 100 hourly simple moving average. This is close to the 50% Fib retracement level of the recent wave from the $2,559 low to $3,042 high.
What Do Technical Indicators Say?
- Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
- Hourly RSI – The RSI for ETH/USD is still above the 50 level.
- Major Support Level – $2,850
- Major Resistance Level – $3,050
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